Actions Semiconductor Reports Third Quarter 2011 Results

Revenue Up 65% Year-Over-Year and 46% Sequentially

ZHUHAI, China, November 8, 2011 -- Actions Semiconductor Co., Ltd. (Nasdaq: ACTS), one of China's leading fabless semiconductor companies that provides comprehensive mixed-signal system-on-a-chip (SoC) and multimedia digital signal processing (DSP) solutions for portable consumer electronics, today reported its financial results for the third quarter ended September 30, 2011.

All financial results are reported on a U.S. GAAP basis.

Revenue for the third quarter of 2011 increased 46% to $15.3 million, as compared to revenue of $10.5 million for the second quarter of 2011, and 65% from the third quarter of 2010 revenue of $9.3 million.

Net income attributable to Actions Semiconductor's shareholders for the third quarter of 2011 was $2.6 million or $0.04 per ADS. This compares to net income attributable to Actions Semiconductor's shareholders of $0.5 million or $0.007 per ADS, for the second quarter of 2011, and net income attributable to Actions Semiconductor's shareholders of $1.9 million or $0.03 per ADS, for the third quarter of 2010.

During the third quarter of 2011, Actions recorded an impairment charge of $888 thousand for goodwill and in-process R&D technology related to the acquisition of Mavrix Technologies in August 2010.

Actions Semiconductor reported gross margin of 40.6% for the third quarter of 2011, compared to gross margin of 37.9% for the second quarter of 2011, and 40.1% for the third quarter of 2010. The Company ended the third quarter of 2011 with $70.7 million in cash and cash equivalents.  Trading securities, and marketable securities, current and non-current, were $152.1 million at the end of the third quarter.

Since the share repurchase program commenced in 2007, the Company has invested approximately $40.2 million in repurchasing its shares. As of September 30, 2011, approximately 17.1 million American Depositary Shares (ADSs) were repurchased.

“Despite a challenging operating environment for many semiconductor companies, Actions delivered better than expected results for the third quarter,” stated Niccolo Chen, CEO of Actions Semiconductor.   “Strong demand for our products across a number of end markets, especially in our fast growing, automotive/boom box product category, resulted in 46% sequential growth in revenue and increased profitability.   We saw an improvement in our average selling prices during the quarter as our product mix shifted to include more high end products such as our MP4 products targeting gaming applications.  We continued to enjoy leading market share in key markets such as small color display and QVGA MP4 products.  We began shipping commercial volumes of our high definition products during quarter and we are pleased with the overall market acceptance of our products targeting the high end markets.

“As we head into the fourth quarter, like many semiconductor companies, we will manage our business for a cautious demand environment,” concluded Mr. Chen.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.

For the fourth quarter of fiscal year 2011 ending December 31, 2011, Actions Semiconductor estimates revenue in the range of $12 to $13 million, gross margin of approximately 40% and operating expenses higher on a sequential basis.

Conference Call Details

Actions Semiconductor's third quarter 2011 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Tuesday, November 8, 2011. To participate in the live call, analysts and investors should dial 877-941-4774 (within U.S.) or 480-629-9760 (outside U.S.) at least ten minutes prior to the call. Actions Semiconductor will also offer a live and archived webcast of the conference call, accessible from the "Investor Relations" section of the company's website at www.actions-semi.com.  An audio replay of the call will be available to investors through November 19, 2011 by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering access code 4483427.

About Actions Semiconductor

Actions Semiconductor is one of China's leading fabless semiconductor companies that provides mixed-signal and multimedia SoC solutions for portable consumer electronics. Actions Semiconductor products include SoCs, firmware, software, solution development kits, as well as detailed specifications of other required components. Actions Semiconductor also provides total product and technology solutions that allow customers to quickly introduce new portable consumer electronics to the mass market in a cost effective way. The company is headquartered in Zhuhai, China, with offices in Beijing, Shanghai, and Shenzhen. For more information, please visit the Actions Semiconductor website at http://www.actions-semi.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements concerning signs of positive indicators in the industry for next year, growth in the market driven by continued proliferation of applications within the PMP market and incremental rebound of overall demand for these products, Actions Semiconductor's belief that it is positioned to capture some upside from these trends, and Actions Semiconductor's future expectations with respect to revenue, gross margin, operating expenses and share-based compensation expense.  Actions Semiconductor uses words like "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are estimates reflecting current assumptions, expectations and projections about future events and involve significant risks, both known and unknown, uncertainties and other factors that may cause Actions Semiconductor's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand; worldwide economic and political conditions; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our most recently filed Forms F-1, 20-F and 6-Ks. Other unknown or unpredictable factors also could have material adverse effects on Actions Semiconductor's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except as required by law, Actions Semiconductor undertakes no obligation and does not intend to update or revise any forward-looking statement to reflect subsequent events or changed assumptions or circumstances.

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Investor Contacts:
Lisa Laukkanen		Edward Chen
The Blueshirt Group		Investor Relations at Actions Semiconductor
lisa@blueshirtgroup.com		edward@actions-semi.com
415-217-4967		+86-756-3392353*1110

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ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED BALANCE SHEET

(in thousands of U.S. dollars)

		At September 30,				At June 30,				At December 31,
		2011				2011				2010
		(unaudited)				(unaudited)				(audited)
ASSETS
Current assets:
Cash and cash equivalents			70,653				30,719				42,872
Time deposits			-				-				34
Restricted cash			-				36				-
Marketable securities ($nil, $14,680 and $14,296 carried at fair value as of September 30, June 30, 2011 and December 31, 2010 respectively)			136,321				171,026				164,336
Trading securities			526				557				535
Accounts receivable, net			2,541				1,776				1,844
Amount due from a related party			321				312				559
Amount due from equity method investees			81				93				104
Inventories			8,353				8,063				4,832
Prepaid expenses and other current assets			2,874				3,565				3,242
Deferred tax assets			318				261				399
Total current assets			221,988				216,408				218,757
Investment in equity method investees			14,578				14,448				6,401
Other investments			17,331				17,316				2,764
Marketable securities			15,264				14,989				24,831
Rental deposits			49				48				40
Property, plant and equipment, net			31,244				30,927				24,604
Land use right			1,598				1,578				1,554
Acquired intangible assets, net			4,959				5,574				4,318
Deposit paid for acquisition of intangible assets			1,100				1,100				2,408
Deferred tax assets			43				59				88
Goodwill			-				468				468
TOTAL ASSETS			308,154				302,915				286,233
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable			7,491				6,869				2,850
Accrued expenses and other current liabilities			5,270				6,232				7,247
Short-term bank loan			12,000				12,000				-
Other liabilities			1,712				2,145				2,502
Income tax payable			451				97				140
Deferred tax liabilities			239				388				446
Total current liabilities			27,163				27,731				13,185
Other liabilities			-				-				83
Deferred tax liabilities			2,786				2,544				2,286
Total liabilities			29,949				30,275				15,554
Equity:
Ordinary shares			1				1				1
Additional paid-in capital			20,945				21,220				24,252
Accumulated other comprehensive income			32,081				28,899				24,420
Retained earnings			225,198				222,549				222,032
Total Actions Semiconductor Co., Ltd. shareholders' equity			278,225				272,669				270,705
Noncontrolling interest			(20	)			(29	)			(26	)
Total equity			278,205				272,640				270,679
TOTAL LIABILITIES AND EQUITY			308,154				302,915				286,233

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ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

(in thousands of U.S. dollars, except per share amounts)

		Three months ended				Three months ended				Nine months ended				Nine months ended
		September 30,				September 30,				September 30,				September 30,
		2011				2010				2011				2010
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues:
Total revenues			15,349				9,298				35,192				26,850
Total cost of revenues			(9,117	)			(5,574	)			(21,323	)			(16,180	)
Gross profit			6,232				3,724				13,869				10,670
Other operating income			674				470				1,296				944
Operating expenses:
Research and development			(5,455	)			(3,906	)			(16,102	)			(12,900	)
General and administrative			(2,397	)			(1,829	)			(6,318	)			(5,921	)
Selling and marketing			(296	)			(236	)			(888	)			(788	)
Impairment on goodwill and intangible assets			(888	)			-				(888	)			-
Total operating expenses			(9,036	)			(5,971	)			(24,196	)			(19,609	)
Loss from operations			(2,130	)			(1,777	)			(9,031	)			(7,995	)
Other income			1,564				1,072				3,991				1,555
Dividend income from an other investment			-				-				432				-
Investment income from an other investment			268				-				268				-
Fair value change in financial instruments			1				-				3				133
Interest income			3,317				2,427				9,174				7,105
Interest expense			(41	)			-				(92	)			-
Income before income taxes, equity in net income (loss) of equity method investees and noncontrolling interest			2,979				1,722				4,745				798
Income tax expense			(403	)			(370	)			(797	)			(336	)
Equity in net income (loss) of equity method investees			82				1				(776	)			(424	)
Fair value change in an equity method investee			-				494				-				494
Net income			2,658				1,847				3,172				532
Less: Net (profit) loss attributable to noncontrolling interest			(9	)			4				(5	)			4
Net income attributable to Actions Semiconductor Co.,Ltd.			2,649				1,851				3,167				536
Net income per share-basic:
Net income  attributable to Actions Semiconductor Co.,Ltd.			0.006				0.004				0.008				0.001
Net income per share-diluted:
Net income attributable to Actions Semiconductor Co.,Ltd.			0.006				0.004				0.007				0.001
Basic (per ADS)			0.038				0.026				0.045				0.007
Diluted (per ADS)			0.037				0.025				0.044				0.007
Weighted-average shares used in computation:
Basic			417,128,804				435,141,252				418,556,198				441,018,361
Diluted			430,868,090				450,202,980				436,020,121				457,882,992
Weighted-average ADS used in computation :
Basic			69,521,467				72,523,542				69,759,366				73,503,060
Diluted			71,811,348				75,033,830				72,670,020				76,313,832
Note: Stock compensation recorded in each
expense classification above is as follows:
Research and development			10				(127	)			974				1,226
General and administrative			(10	)			(32	)			254				468
Selling and marketing			-				(8	)			49				71
Cost of revenues			1				-				17				-

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ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)

		Three months ended				Nine months ended				Nine months ended
		September 30,				September 30,				September 30,
		2011				2011				2010
		(unaudited)				(unaudited)				(unaudited)
Operating activities:
Net income			2,658				3,172				532
Adjustments to reconcile net income to net cash provided by
Operating activities:
Depreciation of property, plant and equipment			613				1,516				1,386
Amortization of land use right			9				27				25
Amortization of allowance for doubtful accounts receivable			-				-				(102	)
Amortization of acquired intangible assets			431				1,209				1,429
Utilization of subsidy from local authorities of Beijing and Zhuhai, the People's Republic of China ("PRC")			(472	)			(995	)			(225	)
Write down of inventories			65				232				-
(Gain) loss  on disposal of property, plant and equipment			(4	)			3				54
Loss on disposal of intangible assets			2				4				-
Impairment loss recognised in respect of goodwill			420				420				-
Impairment loss recognised in respect of Intangible assets			468				468				-
Investment income from an other investment			(268	)			(268	)			-
Gain on disposal of other investment			-				(195	)			(137	)
Equity in net (income) loss of equity method investees			(82	)			777				425
Fair value change in an equity method investee			-				-				(494	)
Equity compensation			1				1,294				1,765
Fair value change in trading securities			42				40				(12	)
Deferred taxes			49				414				374
Proceeds from disposal of trading securities			-				-				5
Purchase of trading securities			-				-				(470	)
Changes in operating assets and liabilities:
Accounts receivable			(763	)			(694	)			(169	)
Amount due from a related party			(9	)			238				(147	)
Notes receivable			-				-				(60	)
Inventories			(230	)			(3,528	)			(733	)
Amount due from an equity method investee			13				30				200
Prepaid expenses and other current assets			760				527				(921	)
Accounts payable			517				4,445				2,882
Accrued expenses and other current liabilities			84				3,969				(2,840	)
Income tax receivable			-				-				(88	)
Income tax payable			353				308				(127	)
Deposit paid for acquisition of land use right			-				-				(901	)
Rental deposit paid			-				(8	)			(3	)
Net cash provided by operating activities			4,657				13,405				1,648
Investing activities:
Investment in an equity method investees			-				(9,676	)			(5,006	)
Investment income from an other investment			268				268				-
Proceeds from the disposal of other investments			-				195				1,251
Purchase of other investments			-				(13,727	)			-
Proceeds from redemption of marketable securities			45,652				276,331				60,258
Purchase of marketable securities			(9,260	)			(234,906	)			(77,713	)
Proceeds from disposal of property, plant and equipment			33				34				-
Purchase of property, plant and equipment			(1,570	)			(12,638	)			(4,635	)
Purchase of intangible assets			(155	)			(1,309	)			(1,577	)
Deposit paid for acquisition of intangible assets			-				-				(1,976	)
Decrease in restricted cash			36				-				-
Decrease in time deposits			-				34				30
Acquisition of a subsidiary, net of cash and cash equivalent acquired			-				-				(937	)
Disposal of a subsidiary, net of cash and cash equivalent disposed			-				-				(10,110	)
Net cash provided by (used in) investing activities			35,004				4,606				(40,415	)
Financing activities:
Proceeds from short-term bank loans			-				12,000				-
Repayment of amount due from a former subsidiary			-				-				11,020
Advance subsidy from local authorities of Shenzhen and Zhuhai, the PRC			-				16				79
Issuance of ordinary shares for share option plan			88				464				171
Repurchase of ordinary shares			(364	)			(5,065	)			(7,042	)
Net cash (used in) provided by financing activities			(276	)			7,415				4,228
Net increase (decrease) in cash and cash equivalents			39,385				25,426				(34,539	)
Cash and cash equivalents at the beginning of the period			30,719				42,872				87,706
Effect of exchange rate changes on cash			549				2,355				752
Cash and cash equivalents at the end of the period			70,653				70,653				53,919

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